Can we do this?

jenl_2

I have a mortgage at the moment and my partner (we live together) doesn't. What we're looking to do is find a bigger place and then rent this one out. The rate on my mortgage expires next year which means I'll change the mortgage I have to one that means I can rent it out. But what we're looking to do at the moment is find a house which we can start doing up so it's pretty much ready for us to move into when we can.

The main question is that if he doesn't have enough money on his own salary, can I go in as a joint borrower when I already have my own mortgage?

We're going to the solicitor/broker later this week but would like to be a little bit informed before we go.

Thanks for your help.

dimbo61

hi if you have a small mortgage on your home and earn a good ? income
then the lenders you go to may well allow part of your income in the mortgage calculations but that depends on the deposit you have saved
and what your partner earns.
the mortgage company will decide what they are prepared to lend and
what would happen if you could not afford the mortgage. how much
equity you have in the property and your jobs and credit history.
so go and see a broker or visit a couple of lenders ( including the one you
are with now ) and ask if they will lend you the money to buy a second home
GOOD luck

Oldernotwiser

He could look at taking out a btl mortgage where rental income is taken into account. Next year when you want to rent out yours you could look to changing things around.